Purplebricks in talks to be bought by rival

Online estate agency group Purplebricks has confirmed it has been in talks to be bought by rival Strike.

However, the Solihull company said its smaller rival was currently not participating in the formal sale process.

Purplebricks announced on February 17 it was set to start a strategic review, which may result in the sale of the whole company or part of the business.

In a statement to the London Stock Exchange this morning, it said: “Purplebricks notes the recent press speculation regarding a possible offer for the company by Strike. Purplebricks confirms that it has been in discussions with Strike regarding their potential participation in the formal sale process.

“At the current time Strike is not participating in the formal sale process. As noted in the announcement of the sale process, all participants are being required to enter into a non-disclosure agreement on terms satisfactory to Purplebricks.

“There can be no certainty as to whether Strike will make an offer for Purplebricks, nor the terms of any such offer.”

It added: “This announcement has been made without the consent of Strike.”